Optic Adhesives Market worth $526 million by 2027 Globally, at a CAGR of 9.0% says MarketsandMarkets™
Chicago, Sept. 12, 2023 (GLOBE NEWSWIRE) — The Optic Adhesives Market is projected to grow from USD 342 million in 2022 to USD 526 million by 2027, at a CAGR of 9.0% between 2022 and 2027, as per the recent study by MarketsandMarkets™. Asia Pacific is estimated to be the largest consumer of optic adhesives. The global optic adhesives major players have made several research developments across value chain to focus on changing customer preferences.
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List of Key Players in Optic Adhesives Market:
- Henkel AG& Co. KGAA (Germany)
- Dymax Corporation (US)
- DELO Adhesives (Germany)
Drivers, Restraints, and Opportunities in Optic Adhesives Market:
- Drivers: Increasing penetration of smart devices and camera or digital sensors boost the demand for optic adhesives
- Restraints: Difficulty in raw material availability and shipping
- Opportunities: Technological innovations and new product development areas in aerospace and medical industries
- Challenges: Toxicity of adhesives causes a possible threat to manufacturers
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Asia Pacific accounted for 49.0%, in terms of value, of the global optic adhesives market in 2021. The strong growth in the region is a diverse range of economies, with different levels of economic development and a large variety of industries. The Asia Pacific optic adhesives market is expected to grow at the highest rate during the forecast period owing to the increasing number of smart cities in China, South Korea, and India. According to press released by the World Economic forum, in December 2020, about 500 AI-powered smart cities were built and the demand will further increase for smart transportation, smart utilities, smart buildings, and communication infrastructure.
With the growing applications of the adhesives in different end-use industries, the optic adhesives market is also developing. Optic adhesives have different application in optical bonding & assembly, lens bonding cement, fiber optics, and others. The growth of the optical bonding & assembly application segment depends mainly on the smart devices industry penetration. These include the bonding of AR lenses, camera lenses, microscopes, photography optics, smartphones, and others.
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The adhesive technologies business segment manufactures and distributes decoration and renovation products for packaged & consumer goods, home & office, building adhesives, and industrial infrastructure. Under the dynamic economic conditions due to the Russia-Ukraine war, the organic sales performance of the segment improved significantly compared to the previous year.
Dymax Corporation manufactures ultraviolet/visible light curing adhesives, light curing systems, and dispensing equipment for manufacturers in aerospace, appliance, automotive, display, electronics, glass, industrial, medical device, metal finishing, optical, orthopedic, packaging, plastics, speaker, and structural markets. Dymax low-stress, low-movement, light-curable optical adhesives cure in seconds to provide the strength and clarity of epoxies. Optically clear, high-tensile-strength bonds of 3,000 psi and shrinkage as low as 0.1% are possible with these adhesives. The company has additional facilities located in Germany, China, Hong Kong, South Korea, and Singapore.
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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com
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